Cryptocurrency exchange Coinbase Global Inc. announced its partnership with Mitsubishi UFJ Financial Group (MUFG) to launch a cryptocurrency exchange in Japan, allowing account holders of the largest Japanese bank to buy and sell virtual currencies.

Earlier this year, Coinbase received operational approval from Japanese regulators. There are currently 31 companies registered to trade cryptocurrencies in the nation.

Nao Kitazawa, head of Coinbase Japan, said at a briefing on Thursday, "Our goal is to reach a wide range of customers by offering a low-threshold service." The company will initially allow transactions in five digital currencies, including Bitcoin, Ether, Litecoin, Bitcoin Cash and Stellar.

Mitsubishi UFJ Financial Group is also one of Coinbase's investors. Kitazawa noted that account holders at other banks will not be able to use Coinbase for transactions for now.